The submission should be five to six pages and include answers to the entire questions listed above. Show your computations, discuss the results, and include references in APA format.
The assignment is attached. The product must be typed in Times New Roman, Font 12, and Double Spaced. References will be listed in APA format at the end of the paper, and identified in text. Any references found via the internet must be listed providing the URL as necessary.
There are two main parts to this assignment that requires you to prepare and submit a 5-6-page paper. Please make sure this paper is well organized and covers all the items below.
Part I
• Why is the revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes?
• Explain in detail the difference between a product and period expense.
• Discuss the matching concept as it relates to accounting for revenues and inventory.
Part II
• Refer to the latest annual financial statements for the two following companies: Apple: http://investor.apple.com and Samsung: http://www.samsung.com/us/aboutsamsung/ir/newsMain.do
Generally, this information is found in the Investor Relations area of the website
Clearly identify the companies, the time period, and include the link to the financial statements you are analyzing in your report.
• What accounting conventions do the two companies follow, US GAAP or IFRS?
• Locate the income statement for the past two years for both companies. Prepare a table comparing five items or more from each statement.
• Comment on the changes from one year to another. Is the company doing better or worse? Did revenues and expenses increase or decrease?
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